Author: James A JohnsonLets strangle the real estate market some more. The FHA mortgage is the only game in town. FHA is considering ways to reduce its foreclosure rate. But FHA walks a fine line here. That’s because the main reason we even have the FHA mortgage is to encourage low income home ownership. While an FHA mortgage is designed for low income and / or first time buyers it has become a major player in the home loan business. Just a...more
After rising steadily for the last 3 weeks mortgage rates fell back down this week. The 30 year rate fell from 5.03 to 4.98. The 15 year rate fell from 4.46 to 4.40. The 5 and 1 year arm fell from 4.42 to 4.35 and 4.57 to 4.47 respectively. This looks like more of a hiccup as mortgage rates steadily start there rise. At this point the overwhelming consensus is that mortgage rates are going to rise in the next six months. But the lowered...more
Mortgage rates fell this week with three of the 4 major mortgage products hitting all time lows. The most important of the four mortgage products the 30 year rate fell to 4.78 from 4.83 equaling the previous low. The 15 year mortgage product hit 4.29 beating the previous low of 4.32 reached last week. The 5 year arm came in at 4.18 breaking the previous low of 4.25 also reached last week. The 1 year arm stayed at 4.35. Below are rates from the weeks from Oct 29, 2009 to Nov 26, 2009 Nov 26, 2009 30- 4.78 15- 4.29 5-arm 4.18 1-arm 4.35 Nov 19, 2009 30- 4.83 15- 4.32 5-arm 4.25 1-arm 4.35 Nov 12, 2009 30- 4.91 15- 4.36 5-arm 4.29 1-arm 4.46 Nov 05, 2009 30- 4.98 15- 4.40 5-arm 4.35 1-arm 4.47 Oct 29, 2009 30- 5.03 15- 4.46 5-arm 4.42 1-arm 4.57 Jul 30, 2009 30- 5.25 15- 4.69 5-arm 4.75 1-arm 4.80 What's interesting is that we keep waiting for mortgage rates to increase. Some have any speculated that rates could move into double digits in the next two years. But while this discussion has been occurring mortgage rates have continued to drop and reach historical lows. In addition to rates it's interesting to look at actual mortgage payments. We took today's rates and...more
Author: marcoIf you have gone through bankruptcy, you know that it is not the end of the world and that it is actually meant to give you a fresh start. The problem is that the start is not so fresh because bankruptcies usually leave your credit history, credit score, and subsequent credit reports in a shambles. You may have cleared your debts...more
Last week mortgage rates matched their all time low of 4.78. This week rates fell even further reaching a new low of 4.71. To put this in some context in terms of historical mortgage rates before the last 12 months the all time low was 5.24 which was reached in the middle of 2003. Today's rates are a full half point below that. Although the 30...more
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Due to financial crisis, many homeowners have been struggling to make the payments of their monthly mortgages. They are almost at the edge of losing their homes. To overcome the situation, Obama government has launched a great plan to lower down the...more
Yes, it's true. Due to the economy and the general decrease in income in the American household, the feds have a program that can cut your mortgage rate to 2% in order to make your payment 31% of your gross income. However, it seems that qualifying...more
The most successful mortgage loan companies purchase online mortgage leads. They do not have the time or the resources to build their own comprehensive list. Many online lead companies tout the cheapest prices, the fastest turnaround, and the largest...more
Live transfer leads or hot transfer leads are procured when a lead generating company transfers an active phone call with a mortgage prospect to a mortgage loan company. Frequently, loan officers spend much of their time making phone calls to...more
The mortgage leads industry has exploded in recent years. There are companies that sell leads, and companies that provide the back office systems to handle the lists for lead buyers. There are many types of leads, from live-transfer and loan...more
Mortgage refinancing loan can provide an excellent escape for many homeowners and ordinary people from their financial problems. With the recent breakdown in economy and recession, people around the world have lost lot of value or equity on their...more